REG-IMC Exploration Group Plc: Renewal of Mining Licence

IMC ExplorationAnnouncement

Mon 07:02

THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO
CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU)
NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON
MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.

 

 

 

 

IMC Exploration Group Public Limited Company

("IMC" or the "Company")

 

 

IMC Exploration Group Public Limited Company announces the successful renewal
of its mining licence to Assat LLC, IMC's 100% owned subsidiary, for the
Karaberd Mine, located in Lori Marz province, Republic of Armenia,

 

 

IMC is delighted to announce the renewal of its mining licence to Assat LLC,
IMC's 100% owned subsidiary, for the Karaberd Mine, located in Lori Marz
province Republic of Armenia.

 

The licence has been renewed for a period of 9 (nine) years until 1         
st           January 2035.

 

The renewed licence provides for underground extraction of 30,000 tons of ore
per annum and a requirement to submit a reserve revaluation report to the
authorized body two years after receiving the right to use the subsoil, which
should also include the reserves available in the open pit.

Under the renewed Licence Assat LLC has a right to extract up to 1,274 kg of
gold and 2,310 kg of silver.

 

The renewal was awarded by the Minister for Territorial Administration and
Infrastructures of the Republic of Armenia by way of amendments to the
original licence                    NO.                    t         
U@-29/366.

 

The extended tenure of the licence to 2035 secures the long-term future of the
mine and enables the systematic extraction of the ore that will be processed
to extract Gold and Silver.

 

Chairman, Eamon O'Brien commented                      "I am extremely pleased
and happy for IMC, for our shareholders,                                      
                       including                                              
               our major shareholder Mineral Ventures Invest s.r.o. and its
CEO David Marasek who have provided steadfast support to IMC since the
Karaberd mine acquisition, for our new Assat LLC CEO, Armand Pinarbasi, who
along with our staff and corporate, legal and geological advisers achieved
this major milestone.

 

                                After IMC first achieved its full listing on
the main market of the LSE, its first target acquisition was to acquire the
Karaberd mine and while we have had lengthy and varied issues to navigate
along the way, as explained in previous announcements, the renewal of the
Karaberd mine licence could not have come at a better time when Gold and
Silver have hit record prices per Oz having recently surpassed $5,000 Au and
$100 Ag respectively.

 

The renewal that went through a very rigorous regulatory assessment, including
through the Armenian Minister for Environment and four public hearings, also
confirms the Company's good standing with the Armenian regulatory
authorities".

 

Other Information

 

At this time, it is also worth noting that the Competent Persons Report update
for the minerals deposit, dated 26th June 2023 for the Karaberd mine, as
prepared by AMC Consultants of Perth, Australia for the purposes of assessing
the approval by IMC shareholders of the Karaberd mine related acquisition, in
October 2023, was set out as follows:

 

Mineral Resource Estimate Table showing Indicated and Inferred

 



 

Production

ASSAT LLC is currently finalising agreements in relation to ore enrichment and
production of concentrate from its ore and then further processing of that
concentrate to final 999 gold and silver products.                     
Updates will be provided on the finalisation of these agreements.

 

Armenian Stock Exchange Dual Listing

Armand Pinarbasi, the new IMC Board business development director

(                                
https://www.imcexploration.com/corporate/board-of-directors                   
           ), commented                      "following the successful
renewal of the Karaberd Mining licence, and with the advantage of a current
strong Gold and Silver price, IMC is now well placed to progress this added
listing. This listing will enhance local liquidity and further strengthen the
Company's standing within the Armenian capital markets".

 

 

Eamon P. O'Brien,

Executive Chairman,

Dublin, 26th January 2026

 

The Directors of IMC Exploration Group Public Limited Company, after due and
careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries

IMC Exploration Group plc

Eamon O'Brien
eamon.obrien@imcexploration.com
+353 87 6183024

Kathryn Byrne
+353 85 233 6033

Keith, Bayley, Rogers & Co. Limited

Stephen Clayson
stephen.clayson@kbrl.co.uk
+44 (0)7771 871 847

Brinsley Holman
brinsley.holman@kbrl.co.uk
+44 (0)7776 302 228

IFC Advisory Limited (Financial PR and IR)           
Tim Metcalfe
Florence Chandler
+44 (0)203 934 6630

 

 



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